LLC Annual Report and Tax Filing Requirements in Wyoming

Business owners who form a limited liability company (LLC) in Wyoming must follow the state's laws for LLCs. While Wyoming LLCs are required to submit an annual report and license tax, they have few tax obligations.

This article covers the most important ongoing reporting and state tax filing requirements for Wyoming LLCs. Because Wyoming is considered a business-friendly state, you can likely fulfill your LLC filing and tax obligations yourself. But if you have legal questions specific to your business, consider reaching out to a business or tax attorney in Wyoming.

Wyoming LLC Annual Report and License Tax

Wyoming requires all LLCs to submit an annual report to the Wyoming Secretary of State (SOS). You can complete the report online at the SOS website. You can also download a form already containing key information for your LLC from the SOS website.

Generally, you'll just need to confirm existing information, such as the LLC's:

• name
• registered agent
• mailing address, and
• principal office address.

The annual report is due each year by the first day of the anniversary month of your LLC's creation. For example, if your LLC was created on June 15, the annual report is due each year on June 1.

Along with the annual report, you must pay a license tax. As of 2023, the tax is calculated at a rate of two-tenths of one mill on the dollar based on the value of your LLC's assets located in Wyoming. The minimum license tax is $60.

For more details on how to compute and pay the tax, go to the FAQ page of the SOS website.

No State Business Taxes in Wyoming

When it comes to income taxes, most LLCs are pass-through tax entities. The responsibility for paying federal income taxes passes through the LLC and on to the individual LLC members. So, LLC members will pay taxes on the income they earn from the LLC but the LLC itself won't pay income tax.

By default, LLCs are classified as partnerships. However, LLC owners can elect to have their business taxed as a corporation at the federal and state level.

In general, business owners can find many benefits to running an LLC in Wyoming. Wyoming doesn't have a personal income tax or a corporation income tax. Consequently, for most LLCs, including those that have elected to be taxed as corporations, no state income taxes are due. Moreover, because Wyoming also doesn't have a personal income tax, LLC members generally will owe no state tax on income they earn from a Wyoming LLC.

The only tax for LLCs, mentioned above, is the annual license tax of $60 or a small percentage of the value of your LLC's assets located in Wyoming.

Wyoming Employer Taxes

If your LLC plans to hire employees, then you'll need to pay the required employer taxes. Employers must pay taxes to the federal government, including Social Security and Medicare taxes (known as "FICA taxes"). States, including Wyoming, also impose taxes on employers.

No withholding of employee wages. Wyoming doesn't have a personal income tax. As a result, Wyoming doesn't impose a wage withholding tax.

Unemployment insurance (UI) tax. Wyoming's Department of Workforce Services (DWS) administers the state UI tax. Register your business with the DWS online using Wyoming's UI system (WYUI). Once registered, you can file quarterly reports and pay the tax online. The DWS provides instructions and information on its UI webpage.

Wyoming Sales and Use (Excise) Tax

If your LLC will sell taxable goods and services to customers in Wyoming, you must collect and pay sales tax. You need to register your business with the Department of Revenue (DOR). You can register online using the Wyoming Internet Filing System for Business (WYIFS) or you can mail a completed sales and use tax license application to the DOR. As of 2023, the license fee is $60.

After you've registered, you'll be sent your sales tax license. You'll then need to make periodic sales tax payments to the DOR. Depending on your tax liability, you'll submit either monthly, quarterly, or annual sales tax returns and payments.

In addition to state sales and use tax, you might be responsible for reporting and paying sales and use tax to your city or county. Make sure you check with your local taxing authorities for your reporting responsibilities.

LLC Registration in Other States

If you register your LLC in Wyoming but plan to do business in other states, then you likely need to register as a foreign (out-of-state) LLC with those states. Each state has its own definition of what "doing business" in the state means as it applies to foreign registration. You should check with each state to see which business activities require you to register. Typically, in order to do business in a state, you must apply for and receive a certificate of authority or some similar document.

If you'd like more guidance, read our state guide to qualifying to do business outside your state.